Here Comes Pending Home Sales...

Economists polled by Bloomberg are looking for pending home sales to fall 0.3% month-over-month and 0.3% year-over-year.

This compares with a 0.2% MoM rise, and a 4% YoY fall in November.

Pending home sales have been falling for some time on account of tighter inventory, declining affordability, and elevated mortgage rates. The index is considered to be a leading indicator for future existing home sales.

The Commerce Department expects that 80% of signings will become existing home sales transactions within two months.